28 Apr 2015
GBP/USD might see 1.5350 on an upbeat UK Q1 GDP print – InvestingBetter
FXStreet (Barcelona) - Alpesh Patel of InvestingBetter, believes that further gains for GBP/USD should be expected in the short-term, especially if UK Q1 GDP prints a better number.
Key Quotes
“The Cable has been able to capitalize on the recent Dollar weakness in a far better degree and yesterday was no difference. The UK currency reached the 1.5250 area after an initial pullback in the morning and it seems that the way to go is still higher. Having said that we should explain that even though more gains could be expected in the short-term we must note the diminishing momentum that could reverse the rally in the more medium term.”
“For the time being any short-term price action will hinge on the way the UK GDP report will be released today. The targets to the upside extend as far as the 1.5350 area while a sudden retraction could send the Cable challenging the 1.5100 support floor.”
Key Quotes
“The Cable has been able to capitalize on the recent Dollar weakness in a far better degree and yesterday was no difference. The UK currency reached the 1.5250 area after an initial pullback in the morning and it seems that the way to go is still higher. Having said that we should explain that even though more gains could be expected in the short-term we must note the diminishing momentum that could reverse the rally in the more medium term.”
“For the time being any short-term price action will hinge on the way the UK GDP report will be released today. The targets to the upside extend as far as the 1.5350 area while a sudden retraction could send the Cable challenging the 1.5100 support floor.”